Lucintel's latest market report analyzed that compound semiconductor provides attractive opportunities in general lighting, telecommunication, military, defense and aerospace, automotive, power supply, datacom, consumer display, commercial, and consumer device markets. The compound semiconductor market is expected to reach $98.1 billion by 2028 with a CAGR of 7%. In this market, gallium nitride (GAN) is the largest segment by type, whereas telecommunication is largest by type.
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Based on type, the compound semiconductor market is segmented into gallium nitride (GaN), gallium arsenide (GaAs), silicon carbide (SiC), etc. The gallium nitride (GAN) segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its ability to deliver improved performance across variety of applications, while requiring lesser physical space and energy as compared to silicon technologies.
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The Compound Semiconductor Market is marked by the presence of several big and small players. Some of the prominent players offering compound semiconductor include LM Ericsson, Sumitomo Electric Industries, Taiwan Semiconductor Manufacturing Company, Broadcom, NXP Semiconductors, Skyworks Solutions, Qorvo, and IQE PLC.
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